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Guangdong police crack down on illegal private banks

2017-March-21       Source: Newsgd.com

In order to combat the increasing cases about illegal private bank in Guangdong, Guangdong Provincial Public Security Department recently launched a special operation, code-name “Jufeng No.2”.

In order to combat the increasing cases about illegal private banks in Guangdong, Guangdong Provincial Public Security Department recently launched a special operation, code-name “Jufeng No.2”.

More than 70 suspects were arrested during this operation,said Guangdong Provincial Public Security Department on March 21. It is estimated that over 45 billion RMB were involved in the cases.

Guangdong police display the items used by illegal private banks. (Photograph by Steven)

In this operation, Guangdong police discovered that criminal gangs can receive money in Chinese mainland and make payment from the cash pooling which set up in overseas that they can make "outbound remittance" without cash flow.

“Private illegal bank is a prominent problem in Guangdong that it causes damage to the economic order and security,” said Huang Shouying, director of Economic Crime Investigation Bureau of Guangdong Provincial Public Security Department. “This is the third year that Guangdong police launched special operation on fighting against exchanging currency through illegal private banks.”

Huang Shouying, director of Economic Crime Investigation Bureau of Guangdong Provincial Public Security Department. (Photograph by Steven)

According to the regulation, foreigners with regular job can exchange currency at official banks, such as Bank of China and China Construction Bank. However, please remember that you should bring certificate of employment, certificate of salary, tax certification and other documents (requirements are varied from bank to bank) to the counter for the exchange.

It is learned that each foreigners can exchange 50,000 USD maximally per year in gross, but each bank may have different limitation.

Besides, according to Guangdong Provincial Public Security Department, people who report valid clues for hitting economic crimes will be rewarded. It is introduced that more than 400 thousand RMB have been rewarded in 2016.

BY Steven

Editor: Steven

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